New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-04-22
A FRUITFUL TOPIC OF DISCUSSION IN THE COTTON
YxCHANGE-wHAT Mr.. CLEws SAYS

A FRUITFUL TOPIC OF DlSCUSolON IN ihh S"Ao''
RXCHANGE-wHAT Mr.. CLEws SAYS
Every member OF the Cotton Exchange read THE IRB-
uyg with interest Yesterday because OF its full ana cx
elusive account of the opposition OF John H. Inman anu
his friends the proposed membership OF Henry Jews
in the Exchange The article furnished food for eXcus
discussion There is large number OF members Oh tue
Cotton Exchange who are DESTROYS of encouraging mem
bership from the Stock Exchange, and they rcgrot'c
that Mr. Clcws had withdrawn his name before he haa
made an answer to Mr.. Inman's charges so that Tue
members could learn their merits This was especmiy
the view taken by Mr.. Ccwss friends In the hNchahsc'
who are numerous but the withdrawal of his application
before il had come before the Committee ieulpersh'
they look upon rs to admission of fault no'"l
standing Mr. Clews's claim that he withdrew because nc
forcsaw the result
Under the rules an applicants name Is posted on the
bulletin of the Exchange ten days before 1t can he o"
upon by the Committee on Memberships. II approves" ~
the committee ii is referred TO the Board OF MhdSc'
and II is then recommended by twohiris VOTE uy
is named for ballot. The Committee on Memberships
was 10 meet to-day, when Mr. Cews would have had an
unrestricted opportunity to answer the charges lauc
apainst him by his opponents. One OF these was frc
crick Wolfe who opposed to Mr.. Clews because vi
his successful opposition the listing of Georgia state
bonds at the Stock Exchange. Mr.. Inman's opposuon
was based on the assumption that Mr. Clews had no.
acted in business like way relative to the neSouatoho
5000, 900 of Alabama state bonds
II WAS known several days ago that II the Committee
on Memberships acted favoraby upon the application vi
Mr. Clews-as IT was intimaed they were inclined to 10
Mr. Inman and Mr.. Wolfe intended to canvass the TX,
change secure votes enough To insure DIS dtIc III
ballot II hoped by his friends that Mr. Clews Wouu
appear before the committee and make plausible expi
nation so "a secure favorable action upon DIS name,
and then test MI Inmans real power ana ninende
IN and sy % Ss m%Sn bco the merits
of the charges could he considered from the evidence
crsscd the matter on the oor OF Exchange yesterday
with much interest and soon afterwaId Mr. ,hn' cT
for his action against tho Georgia bonds and would
certainly have voted for him; but don't know th'
| would have worked against him. , ,. e,o, G
Mr. nman is the head OF the firm OF lnnan' swan *
Co.. and is prominent cSiton mi,3 1h hs family in
| luxurious private car
To the Edftoror The Tribune.
SIR: In answer to statement which appeared In your
columns this morning. but justice to Inc that the io
| lowing facts should be made known:
Certain notes amounting TO 100000 which are re-
fcrrcd TO were given to my old firm by the Stae o
Alabama for money loaned the stipulation That INC
said notes should he paid from the first funds paid into
the treasury from taxes. This was solemn anu SptY III,
pledge. These notes finally lodged win tnc plssa'n
the time made known all the facts In connection ,ct I
with They were offered for discount or as COZ
lateral TO the Fourth National Bank or 10 any one else
| A. my firm the financial agent or inc Nl,e W
Alabama AT that time and the State had failed 10 comply
With the terms OF her agreement 10y not providing for m
payment Of these notes under advice OF cohsc s
all the bonds held as financial AGENT ana eIcu"o
The amount received against the states indebtedness
rs After doing the State still owed my hrin VI. Inl
face OF the $500 notes and in addition thereto a e7
100000 for coupons cashcd from onhgauons on NJ ~.
state and this indebtedness still remains unpaid We
were also carrying at least S3ooOOc OF various Issue
bonds guaranteed by the state upon which We had mad
heavy advances A. these bonds became in default IS
peciav ns we were the financial agent OF the state W.
con ,dcrcd we had perfect right To charge them mp ~
obligations against the State Consequently me debl que
All fold hy the the firm at the time OF inc pam
of S was about one million of dollars the larger par
| of which has proven 10 hc "A total loss
Credit however. Is due TO the state oil Alaoams III con
trast with the state OF Georgia She has MAZE CON
promise settlement AT about 20 cents on the d"ar TOT
large part of her Indebtedness while Georgia has pei
sistcny refused 10 make any proposition what7oeNsr
%. " HENRY CLENs.
| Ne,.- Yorl Anril 1857.